Saskatchewan’s GDP grew by 1.6% in 2023, ahead of national average

Saskatchewan’s gross domestic product grew by 1.6 per cent in 2023, beating the national GDP growth of 1.2 per cent.

According to figures released on Wednesday by Statistics Canada, Saskatchewan’s GDP growth last year was tied with the Yukon, British Columbia and Ontario, but trailed Nunavut (3.4 per cent growth) and Prince Edward Island (2.2 per cent growth).

“Although record population growth helped spur economic activity, tight monetary policy, persistent inflation and several climate change-related events constrained output growth across Canada in 2023,” Statistics Canada explained.

“Higher output from services-producing industries in every province and territory bolstered overall economic growth during a challenging year for goods-producing industries in most of Canada in 2023.”

Sask. sees record growth

According to the provincial government, Saskatchewan’s GDP growth last year added up to $77.9 billion, which represents a record for the province.

The biggest driver of economic growth was the construction industry, which grew by 13.6 per cent, which equates to $711.4 million.

“This record growth doesn’t just happen,” Jeremy Harrison, Saskatchewan’s trade and export development minister, said in a statement.

“It’s a reflection of a policy environment that has fostered and incentivized record investment and record exports. This translates to record job growth and opportunities for Saskatchewan residents.”

To help bring more growth the province, the government recently launched an investment attraction strategy, which aims to spur economic investment over the next decade.